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Investing

Transocean to Issue 26 Million New Shares (RIG)

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By Paul Ausick Published

Transocean Ltd. (NYSE: RIG) has filed a prospectus with the SEC to issue 26 million new shares in a secondary offering. The proceeds will be used to refinance partially the $2.23 billion acquisition of Aker Drilling. Barclays and Credit Suisse are co-managers of the offering and will have the option to purchase an additional 3.9 million shares.

At last night’s closing price the offering is worth about $1.2 billion, and the number of shares to be offered totals about 9% of Transocean’s shares outstanding.

The full filing is available here.

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About the Author Paul Ausick →

Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.

He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.

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